This article shows the features of Nominal ledger postings with Insight Legal
- Go to Accounts > Nominal
- Look up the nominal ledger you wish to post to.
**If the VAT Liable box is not ticked, you will not have the Fuel Scale Charge or Nominal VAT postings. You will also not be able to post any VAT on your nominal cheque postings**
Nominal Postings
N0 - Nominal Memo
- Enter the following details:
-
- Date
- Reference
- Description
-
- Click 'Post'
N2 - Nominal Cheque
This posting is used for both credit & debit entries.
- Select N2 - Nominal Cheque from the dropdown box.
- Enter the following details :
-
- Date
- Reference
- Description
-
- Enter the following details :
-
- Gross Amount
- Debit/Credit
- VAT Amount (if applicable)
- Rate (if applicable)
- Bank
-
- Click 'Post'
N3 - Nominal Petty Cash
- Enter the following details:
-
- Date
- Reference
- Description
-
- Enter the following details :
-
- Gross Amount
- VAT Amount (if applicable)
- Debit/Credit
- Rate (if applicable)
-
- Click 'Post'
N9 - Nominal Journal
This posting only applies to nominals with the VAT Liable box ticked.
**This posting type is used for moving money between office bank accounts (option 1) or from one nominal to another nominal (option 2)**
- Select N9 - Nominal Journal from the dropdown box.
Option 1 - Moving monies between two office bank accounts.
It may be helpful to set up a Bank Transfer nominal for these types of postings
- Enter the following :
- Date
- Reference
- Description
- Amount
- Enter the following details :
-
- Debit/Credit
- Bank
- Destination (this will be the same nominal as you are already in)
- Destination Bank
-
- Click 'Post'
Option 2 - Transferring monies between two nominals.
- Enter the following details :
- Date
- Reference
- Description
- Amount
- Enter the following details :
- Debit/Credit
- Bank (Ensure this is the same as the destination bank)
- Destination
- Destination Bank (Ensure this is the same as the bank above)
- Click 'Post'
NL - Nominal Purchase Ledger
This entry is for adding your purchase invoice onto the system, not for paying your invoice.
- Select Nominal PL Invoice for the dropdown box.
- Enter the following details :
- Date (posting date)
- Reference
- Debit/Credit
- Description
- Enter the following details :
- Gross Amount
- VAT Rate (if applicable)
- VAT
- Purchase Ledger (supplier)
- Enter the following details :
-
- Invoice Date
- Due Date
-
- Click 'Post'
NV - Nominal VAT
This posting only applies to nominal with the VAT Liable box ticked.
This posting is used to post a VAT amount from the nominal to the VAT Liability without hitting the bank
- Select NV - Nominal VAT from the dropdown box.
- Enter the following details :
- Date
- Reference
- Description
- Enter the following details :
- Amount
- Rate
- Debit/Credit
- Click 'Post'
**Debit entries will debit your nominal and credit your VAT Inputs; credit entries will credit your nominal and debit your VAT Inputs**
FSC - Fuel Scale Charge
This posting type is used to post how much VAT you are to pay back based on fuel if you use a company car for personal use.
- Enter the following details :
- Date
- Reference
- Description
- Enter the following details :
- Amount
- VAT Amount
- Debit/Credit (this will always be a credit)
- Rate
- Click 'Post'